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The following items represent liabilities on a firm's balance sheet:a. An amount of money owed to a supplier based on the terms 2/20, n/40, for which no notewas executed.b. An amount of money owed to a creditor on a note due April 30, 2013.c. An amount of money owed to a creditor on a note due August 15, 2014.d. An amount of money owed to employees for work performed during the last week in December.e. An amount of money owed to a bank for the use of borrowed funds due on March 1, 2013.f. An amount of money owed to a creditor as an annual installment payment on a ten-yearnote.g. An amount of money owed to the federal government based on the company's annualincome.
Required1. For each item, state whether it should be classified as a current liability on the December 31,2012, balance sheet. Assume that the operating cycle is shorter than one year. If the itemshould not be classified as a current liability, indicate where on the balance sheet it should bepresented.2. For each item identified as a current liability in part (1), state the account title that is normally used to report the item on the balance sheet.3. Why would an investor or a creditor be interested in whether an item is a current or a longterm liabilities?
THE NOTES TO THE ACCOUNTS The notes to the accounts provide additional information on the a/c policies that the company has adopted the make-up of some of the items appearing on
Do you have anyone on staff that understands acquisition accounting procedures?
Question : The subsequent data pertain to a shop. The owner has made following sales forecasts for the first 5 months of the coming year.
Cumulative and substitutional legacies and devises Where a will makes two gifts of unequal amounts to the same person, they are assumed, in the absence of a contrary indication
1. Calculate the profitability index for a project that has a net present value equal to -$10,000. The project's net investment is $20,000. 2. A project requires a net investmen
Basics of Sundry Matters Current accounts balances must always be equal and opposite. The head office current account in the branch books should always have a credit bal
Q. Explain In the Money and Out of the Money option? In the Money option - Option granted with an exercise price below market price on grant date Out of the Money option - O
Below is information about the spot and forward rates for three currencies against the US dollar (USD): Currency (exchange rate) Spot Rate Six-month forward rate Euro (EUR)
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